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Current Federal Tax Developments · Jun 6, 2026

The Application of New Section 68 to Trusts and Estates: Analyzing JCT Footnote 102 and Unresolved Ambiguities

Tax Brief summary and classification of the original reporting.

Bottom Line

💡 The Application of New Section 68 to Trusts and Estates: Analyzing JCT Footno.... Review and take action if applicable to your clients.

Summary

The One Big Beautiful Bill Act (OBBBA) fundamentally reshaped Section 68 by replacing the suspended Pease limitation with a new cap on the tax benefit of itemized deductions. Effective for tax years beginning after 2025, the new Section 68 limits the marginal tax-reducing value of itemized deduct...

Classification

Category: heads upPriority: action neededReason: Contains 'beginning' - action may be required

Applies To

10401041

Affected Groups

Individual return preparers, Estate and trust practitioners

Original Source

We aggregate public tax updates and provide AI-assisted summaries. Please read the original reporting for full details.

Read original article